Daily Technical Forex Forecast 10.05.2018


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EUR/USD

The Euro tested the support level/local minimum of 1.1842 a couple of times, but could not break it. At the moment, the pair is trading in the small local consolidation just above this mark. Also it is worth noting that the large volume is concentrated inside this range, so get out of it will be an excellent signal to enter the market.

volume euro eng
Nevertheless, given the strong local bearish trend, it is worth giving preference to short positions. Sales can be opened after the resumption of a price reduction and a sure breakdown of the level of support. Movement should be supported by the large volume, which will be a more accurate signal. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is about 120 points.

sell euro

GBP/USD

Nothing has changed with the Pound as the price is still trading in the small local range just above the support level of 1.3497. The large volume accumulation is concentrated in this consolidation, so the exit of the price from it will be an excellent signal for entering the market.

volume gbp

Considering the presence of a strong downtrend, we still should give advantage to short positions with this currency pair. We can enter the market after the abrupt breakdown of the support level on the large volume, which will be a strong bearish signal. A stop loss should be located just above the breakdown volume bar. The potential of the deal is more than 150 points.

sell gbp

USD/JPY

The Yen rose up yesterday, but it is still trading in the local range between the support of 108.65 – 108.81 and the resistance of 109.97. Given that the large volume is concentrated in this consolidation, the best scenario with this instrument is just to wait for a breakout of one of its boundaries. The move should be supported by the large volume, which will insure us against a fake breakdown.

While the pair is trading within the consolidation, it is better to stay out of the market.

trade jpy

USD/CAD

The pair demonstrated a significant fall yesterday and returned trading in the consolidation again. The boundaries of the range are the support of 1.2819 and the resistance of 1.2985. Considering that the large volume is concentrated in this consolidation, we can regard new positions only after the sure exit of the price from it on the large volume. This will be an excellent signal for entering the market.

While the pair is located in its range, we should skip it from our trading plan.

trade cad

AUD/USD

The Australian dollar adjusted upwards yesterday and is testing the resistance level of 0.7472 at the moment. The move was supported by the increased volume, but, nevertheless, given the recent sharp sink on the large volume and the presence of a strong downtrend, we still must give a little advantage to short positions.

We can enter the market after a test of the resistance level and a sharp rebound of the price down. A stop loss should be placed a little above the resistance level. The potential of the deal is more than 100 points.

sell aud

XAU/USD

Gold is still trading in the local consolidation of 1302.20 – 1326.00. We must note that the large volume accumulation is concentrated in this range, so the exit of the price from it will be a great sign for opening new deals. The exit of the price must be sharp and sure + supported by the large volume, which will be a more precise and secure signal for entering the market.

While the price is trading within this range, we should stay out of the market.

volume gold

The sentiment: this indicator totally affirms our scenarios with the Euro, the Pound and the Australian dollar. The situation with all other currency pairs has not changed, they are located within consolidations, so the best solution is just to wait for a resumption of local trends with these pairs.

sentiment


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